The earliest embryonic form of "night economy" can be traced back to the Song Dynasty, and the "Record of Dreams in Tokyo" describes the golden age of endless days and nights; In the 1970s, British economists formally outlined the concept of "night economy"; In the 1990s, London launched the "24-hour city" development goal, followed by New York, Paris, Tokyo, Amsterdam and other international cities.
All kinds of facts show that the night economy has great potential: by 2015, the night economy has provided San Francisco with a turnover of 6 billion dollars; In 2017, the UK night economy has accounted for 6% of GDP, becoming the fifth largest industry in the UK; In 2018, New York night economy contributed about 10 billion dollars to the economic development of New York City; According to the Latest Development Report of China's Night Economy, in 2022, the development scale of China's night economy market will be about 42.4 trillion yuan, up 16.7% year on year.
Light night economy: fashionable night care of sports brands Generally speaking, the night economy from 18:00 to 22:00 is called the light night economy. For urban people, the time they can spend freely after work is particularly precious. They are no longer satisfied with "eating, drinking and buying", but are looking for a complex consumption scene that combines relaxation, fitness and making friends. As a result, the night light sports that can not only display equipment, but also attract friends become the best choice for fashionable urban people. According to the data of Little Red Book in 2022, the bar baseball search increased by nearly 100% year on year; Night riding search increased more than 6 times year on year; Frisbee search increased nearly 500 times year on year; The "night run", which is easy to access, has become a phenomenal lifestyle with more than 500000 searches on the Little Red Book platform. According to the 2021 China Running White Paper released by Yuepaiquan, the post-90s are the main force of "night runners", and the growth rate of night runners after 00 has reached 62.3%. In addition to the "night running retail investors" who travel alone, most large-scale long-term running groups are sponsored or sponsored by sports brands. For brands that speak with strength, "night run" can not only reach more precise users, but also be an effective way to test products internally, improve loyalty and repurchase rate. Late Night Economy: Night Tour Becomes the Content Place of Fashion Circle The late night economy corresponding to the light night economy is also young. According to the Young Power China 2021 Cultural Insight and Business Enlightenment Report released by PricewaterhouseCoopers, 35.7% of the post-90s and 36.1% of the post-90s do not sleep after 12 o'clock, almost twice as many as the post-80s. It is a common choice for contemporary young people to beg for a living late at night. The "night tour" culture generated around the club has always been inextricably linked with the fashion circle: from Studio54 in New York, Leigh Bowery in London, and Juliana's Tokyo in Tokyo, each fashion city has one or two legendary clubs that can be called fashion landmarks. Unlike traditional nightclubs, which have a wider audience and profit from selling drinks tickets, clubs usually gather groups with similar lifestyles and aesthetic orientations due to certain music culture. Sanheng, a fashion creative person, said that since 2004, he has experienced the growth and decline of various clubs in Shanghai. Now, the main purpose of going to clubs is to relax, listen to music and meet friends. Before 2019, such clubs mainly relied on performance tickets to make a living. Now, they are more likely to cooperate with brands and venues, such as flash stores, co branded activities or post show parties. "This is a personal market. Many clubs favored by brands usually have many organizers closely connected with the fashion industry behind them. For example, the system contracting half of the parties after the Shanghai Fashion Week show, the soul figure is said to be a well-known photographer in the circle, and so are All Club and POTENT", Sanheng said, "These clubs have some public relations functions. Young people will find ways to meet fashion editors or designers in such clubs, which is more accurate and efficient than LinkedIn." The Yongfu Club, a Chinese Michelin restaurant located in the former British consulate, is also familiar with the way of "circle". Every night, it changes into a well-known cultural salon in Shanghai. The cultural brand KeepItQuiet of the Yongfu Club has held nearly 500 music, dance, people to people conversation, art exhibitions, and art colleagues with the same hobbies gathered here, It is easy to understand why Samuel Gui Yang, Zhong Zixin, Yuichi Yang and other brands with distinctive artistic flavor once showed off here through social media: where the crowd is, the business opportunities are there - designers are very clear that holding activities in the right place at all levels, whether psychological or geographical distance, is far from their core The most loyal consumers are closer. Stall economy: an immersive shopping experience field with "script" According to the investigation of the Ministry of Commerce, 60% of the consumption in Chinese cities occurs at night, and the sales of large malls from 18:00 to 22:00 every day exceed half of the whole day. When the night economy became the traffic password, many cities proposed to speed up the construction of a "24-hour sleepless city", and many regions allowed "stall" operation to help night consumption. However, today's "night market" is no longer a sporadic small commodity trade, but a more flexible consumption destination with personality, "script", theme. COSMO Chengdu, a commercial real estate focusing on local trend culture, and NEED, a fashionable second-hand e-commerce business focusing on Generation Z, in February! A COSMO X NEED! a market. NEED！ More than 400 high-quality stores and individual sellers were gathered, most of them were after 95 and 00. The previous activities were rolled over to many urban spaces, such as Beijing Longfu Temple, Shenzhen Shekou, Shanghai M+Yiyuan, etc. COSMO X NEED! The bazaar includes more than 78 booth brands and more than 60 luggage stall owners. It not only has a "shopping area", but also according to the lifestyle of Generation Z, the bazaar is transformed into a nightclub, integrating DJ and band performances as well as Sichuan traditional face changing and lion dance performances. Commercial real estate is an immersive fashion life experience field, which not only meets the freshness and exploration desire of existing customers, but also enables young entrepreneurs to complete an efficient core business district test and market survey. It is understood that COSMO X NEED! The average sales of market stall owners exceeded 20000 yuan, and the exposure of the whole network exceeded 15 million yuan. The purpose of night shopping is not only to promote sales, but also to complete the emotional connection and interaction with the surrounding resident population in a friendly scene. The BFC Bund Financial Center under Fosun consists of super Grade A office buildings and commercial complexes, which are backed by the Dayu Garden area. To improve the work and life experience of office tenants and residents around, BFC has become the direction of its efforts, such as theme activities, exclusive art seasons, music festivals, and markets held in different holidays throughout the year. On June 3, 2023, with the theme of "It's never too late to meet at night in Shanghai", the Shanghai Nightlife Festival held its opening ceremony at the terrace on the fifth floor of BFC Bund Financial Center (hereinafter referred to as BFC), and launched a specially planned "Open Night Gathering" flash flash event at BFC Bund Maple Path. On the day of the launch ceremony, with the introduction of the 2023 Shanghai Nightlife Festival "Never TooLate in Night Shanghai", official lists and projects such as the 24-hour Shanghai Vitality List, Wandering Shanghai Shops Project, and Shanghai Nightlife Map will be released successively, and the bright "Nightlife Shanghai" will be jointly lit up by various parties. At the same time, the two-day "OPEN NIGHT" will also invite more than 40 representative brands to settle in around seven dimensions, including night shopping, night food, night entertainment, night reading, night show, night action and night tour, which will focus on the multi charm of Shanghai as a "24-hour dynamic city" and stimulate the consumption vitality of the Bund at night. Now, as an important concept to stimulate domestic demand, promote consumption orientation and support consumption upgrading, the "night economy" has become a good start of the domestic big cycle, and an important measure to give full play to the advantages of the domestic large-scale market, stimulate consumption, enhance the city's long-distance appeal, and promote the formation of a new development pattern of "double cycle". But in the final analysis, it is still fresh individuals who consume the "night economy". Especially in the fashion lifestyle, which has unlimited potential, we can go further by digging deeply into user needs and putting people first. Source: WWD International Fashion News
